MANAGERIAL ECONOMICS PROBLEMS

Use the accompanying graph to answer these questions: a. Suppose demand is D and supply is S0. If a price ceiling of $6 is imposed, what is the resulting shortage? b. Suppose demand is D and supply is S0. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units? c. Suppose demand is D and supply is S0, so that the equilibrium price is $10. If an excise tax of $6 is imposed on this product, what happens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? d. Calculate the level of consumer and producer surplus when demand and supply are given by D and S0 re... click for more

Scarcity, opportunity cost, government intervention

1) What are the three central problems that every economy must solve? 2) What is scarcity? What are the two elements that comprise scarcity? How do they affect relative scarcity? 3) What will happen to the scarcity of each good in the following siyuation: a) new storage technology allows supermarkets to keep peaches from rotting for a longer time b) more stydents decide to live in single - sex hostels, when no more single - sex hostels are being established. 4) a) Define opportunity cost. b) Asuume you have bought a $15.000 car. The salesperson has offered you a maintenance contract covering all major repairs for the next three years, with some exclusions, for $750. i What is t... click for more

Telephone plan

9) Your telephone plan charges you $25 per month plus 10 cents per minute for long distance calls. Write an equation that describes your monthly telephone account. What will you pay if you make 32 minutes worth of calls in a months? How much will you owe for a month if you make 45 minutes of long distance calls? Show the information on a graph. 10) What is a price floor? Show graphically, the effect of a price floor on a market. 11) What happens when government imposes a national minimum wage? 12) What will happen to the equilibrium price and quantity of apples if apples are discovered to prevent colds and fungus kills 10% of existing apple trees? Illustrate your answer. 13) GPA sell... click for more

Calcuate the range, variance & standard deviation for this data series

Universal package service,ltd., delivers sm parcels to business addresses in the greater boston area. to learn more about data description on the # of deliveries/wk for a sample of 10 customers: 3 3 4 2 3 3 23 3 Calcuate the range, variance & standard deviation for this data series. which measure does the best job of describing the dispersion in this variable? Please show how answers were obtained-the arithmetic portion. thank you.

3400 - Regression Formula

Gold Trackers monitors the price of precious metals and has daily data on prices and sales of gold for the past several years. One of their new MBA financial wizards has estimated the following relationship for gold sales in the past year of trading (250 observations): Q = 4000 ? 0.01P + 1.5I ? 1.25X + 2.0S R? = 0.96 (857) (0.002) (0.65) (0.44) (0.48) Where Q is daily sales of gold in troy ounces, P is the price of gold in dollars per troy ounce, I is the most recent one month report on U.S. inflation (in percent), X is an index of the exchange rate of the U.S. dollar compared to seven other currencies, and S is the market price of an ounce of silver in dollars. Standard errors a... click for more